Los Angeles Capital Management LLC Sells 22,445 Shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCN)

Los Angeles Capital Management LLC trimmed its stake in shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCN) by 46.4% in the second quarter, Holdings Channel.com reports. The fund owned 25,896 shares of the company’s stock after selling 22,445 shares during the quarter. Los Angeles Capital Management LLC’s holdings in DigitalOcean were worth $900,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Mubadala Investment Co PJSC bought a new position in DigitalOcean during the 4th quarter worth approximately $21,881,000. Private Advisor Group LLC increased its position in shares of DigitalOcean by 637.6% during the first quarter. Private Advisor Group LLC now owns 48,378 shares of the company’s stock worth $1,847,000 after buying an additional 41,819 shares during the period. Hillsdale Investment Management Inc. acquired a new position in DigitalOcean in the fourth quarter valued at $3,133,000. Vanguard Group Inc. boosted its position in DigitalOcean by 11.5% during the first quarter. Vanguard Group Inc. now owns 6,728,563 shares of the company’s stock valued at $256,897,000 after acquiring an additional 696,426 shares during the last quarter. Finally, Comerica Bank grew its holdings in DigitalOcean by 8,170.5% during the 4th quarter. Comerica Bank now owns 47,390 shares of the company’s stock worth $1,739,000 after acquiring an additional 46,817 shares during the period. 49.77% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently commented on DOCN. Piper Sandler cut their target price on DigitalOcean from $38.00 to $34.00 and set a “neutral” rating on the stock in a research report on Monday, July 15th. UBS Group cut their price target on DigitalOcean from $40.00 to $34.00 and set a “neutral” rating on the stock in a report on Friday, August 9th. Stifel Nicolaus boosted their target price on shares of DigitalOcean from $32.00 to $35.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Finally, Barclays reduced their price target on shares of DigitalOcean from $43.00 to $38.00 and set an “overweight” rating for the company in a report on Friday, August 9th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $37.67.

DigitalOcean Trading Up 1.2 %

DOCN opened at $40.18 on Friday. DigitalOcean Holdings, Inc. has a 1-year low of $19.39 and a 1-year high of $41.58. The company has a market cap of $3.66 billion, a price-to-earnings ratio of 75.81, a PEG ratio of 2.89 and a beta of 1.83. The company’s fifty day moving average price is $34.42 and its two-hundred day moving average price is $35.73.

DigitalOcean (NASDAQ:DOCN) last posted its earnings results on Thursday, August 8th. The company reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.09. The company had revenue of $192.00 million for the quarter, compared to analyst estimates of $188.63 million. DigitalOcean had a net margin of 9.30% and a negative return on equity of 31.71%. The firm’s revenue was up 13.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.11 EPS. As a group, equities analysts forecast that DigitalOcean Holdings, Inc. will post 0.86 earnings per share for the current fiscal year.

About DigitalOcean

DigitalOcean Holdings, Inc, through its subsidiaries, operates a cloud computing platform in North America, Europe, Asia, and internationally. The company's platform provides on-demand infrastructure and platform tools for developers, start-ups, and small and growing digital businesses. It also offers infrastructure-as-a-service (IaaS) solutions comprising compute and storage services, as well as networking projects, including Cloud Firewalls software, Managed Load Balancers software, and Virtual Private Cloud (VPC).